RPA market projected to grow by over 60% as firms look for new business efficiencies

For a growing number of organizations, robotic process automation is becoming an entrenched part of automation strategies, as they look to gain efficiencies in a variety of business and data management functions.

Market research and consulting firm Grand View Research has estimated that the global RPA market will expand at a compound annual growth rate (CAGR) of 61 percent from 2018 to 2024.

A sample of JSON (JavaScript Object Notation) computer code is displayed on a monitor for a photograph in Tiskilwa, Illinois, U.S., on Wednesday, July 12, 2017. JSON is a lightweight data-interchange format. Photographer: Daniel Acker/Bloomberg via Getty Images

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Rising demand for business process automation through the use of artificial intelligence (AI) and software robots are expected to be a key trend for market growth over the forecast period, the firm said. Improving core business processes with RPA enables an organization to create its own software and automate any business process, the report said.

Research firm Gartner Inc. in June 2018 released guidelines for effective results with RPA, and to keep Bottom of FormRPA projects from going off track.

The guidelines include: formalizing an enterprise automation roadmap; aspiring for revenue generation, but acting on short-term results rapidly; formalizing IT teams' involvement as early as possible to maximize business outcomes; creating a joint IT and business RPA team; getting external help and building internal skills for RPA; building a business case for RPA; communicating what RPA means to the organization; and visualizing the cycle of a robot deployment.